Malaika Jawed: A closer look at the FCA's Consumer Duty

Duty of care?

clock • 5 min read

Solicitor Malaika Jawed explores the regulator's Consumer Duty plans and outlines how they will affect providers and their customers

In December the Financial Conduct Authority (FCA) announced its proposals for a new Consumer Duty. At present, firms are bound by rules and principles to treat customers fairly. The post-Brexit Financial Services Act 2021 introduced a requirement for the FCA to consult on whether it should make general rules for authorised organisations to owe a duty of care to consumers. In the FCA's proposals in CP21/13, it received a mixed response as to whether the new proposals for a Consumer Duty amounted to a duty of care. The new Consumer Duty is not intended to be a legally enforceable instru...

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